Problem 17.2A Computing inventory costs under different valuation methods and applying the lower of cost or net realizable value rule. LO 17-1, 17-3 The following data pertains to Efficient Market Investment software packages in the inventory of the Investment Software division of Efficient Market Investment Outlets: 210 units at $115 Inventory, January 1 Purchases: May 10 August 18 October 1 Inventory, December 31 150 units at $113 220 units at $112 210 units at $113 1(a). Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the FIFO method. 1(b). Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the LIFO method. 1(c). Determine the unit cost, cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the average cost method. 2. Assume that the replacement cost of each unit on December 31 is $113.25. Using the lower of cost or market rule, find the inventory amount under each of the methods given in 1. Analyze: What is the difference between the cost and market value of the inventory using the LIFO method? Reg 1A Reg 1B Req 1C Reg 2 Analyze Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the FIFO method. FIFO Cost of Goods Available for Sale Number of " Unit cost nit cost Total cost units Cost of Goods Sold er of Unit cost Total cost units Ending Inventory of Unit cost Total cost units Beginning Inventory, January 1 Purchases: May-10 Aug-18 Oct-01 Total Req 1A Reg 1B Req 1C Reg 2 Analyze Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the LIFO method. de Sold LIFO Cost of Goods Available for Sale Cost of Goods Sold Number of Unit cost Total cost Number of Unit cost Total cost Ending Inventory Number of Unit cost Total cost units units Beginning Inventory, January 1 Purchases: May-10 Aug-18 Oct-01 Total Reg 1A Reg 1B Reg 10 Reg 2 Analyze Determine the unit cost, cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the averag "Average unit cost" answers to 2 decimal places.) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of of Unit cost Total cost N Number of Average Total cost | Number of Average Total cost units I units unit cost I units unit cost Beginning Inventory, January 1 Purchases: May-10 Aug-18 Oct-01 Total Reg za Reg 1A Rea 18 Reaz Analyze Reg 1B Reg 10 Regic Reg 2 Analyze Assume that the replacement cost of each unit on December 31 is $113.25. Using the lower of cost or market rule, find the inventory amount under each of the methods given in 1. (Round your answers to nearest whole numbers.) Method Number of units Valuation Based on: Cost Market Lower of Cost or Market a FIFO b. LIFO c. Average cost Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 1C Reg 2 Analyze What is the difference between the cost and market value of the inventory using the LIFO method? (Round your answer to the nearest whole number.) Difference